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When “sales” was still just a five-letter word in law firms, lawyers found some comfort in the basics of marketing. They could get the name of the firm “out there” without actually having to do much themselves.
In the last 5 years, though, firms have increasingly looked at activities such as media relations, seminars, brochures and Web development as low return activities. Business development, in contrast, seemingly offers a much higher return on investment by focusing the money on the prospects most likely to buy. As a logical extension, a number of firms have shifted their marketing budget largely to business development activities. And, even from the point of view of a strict marketer, this is not all bad.
Many marketing directors reading this article would no doubt cheer if their marketing committee or managing partner said that there would no longer be funds for the holiday-cards-and-presents routine or the season-ticket time sink or sponsorship of events no one attends. Some might welcome the end to seminars. Perhaps publishing articles, arranging interviews, and monitoring press coverage can also safely be eliminated in favor of direct meetings with prospects and killer proposals?
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